German Windreich's unit WKU files for insolvency

Sep 17, 2013 - Windkraft Union GmbH (WKU), part of German wind power developer Windreich, has also filed for insolvency following its parent, the latter said on Friday.

According to the press release, WKU currently has obligations towards Windreich which cannot be served.

Windreich's CEO Werner Heer said that the step was logical in view of the connection between the two units and was expected to give more certainty for the company's investors in relation to the offshore projects. The MEG I offshore project is continuing without interruptions, he added. For the time being, the company is concentrating on completing the financing phase of the project by the end of 2013. The wind farm in the North Sea will consist of 80 turbines with a capacity of 5 MW each.

The insolvency of WKU, which acts as Windreich's project developer, will affect 31 employees in Wolfschlugen and Hamburg.

Werner Heer and Heiko Ross assumed management of Windreich last week.

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